Digital Technology Employer Survey
Photo by Branko Stancevic on Unsplash
Skills Development Scotland and partners are conducting an employer skills survey which will help shape the correct future skills provision for digital tech jobs in a number of sectors. If you manage a digital technology business/a business which has need of employees with digital skills, complete the survey; and share your skills issues and recruitment needs and challenges.
The Digital Technologies sector is important to Scotland as it plays an underpinning role in driving the competitiveness of Scotland’s other growth sectors as well as being a significant employer in its own right.
As part of this an employer skills survey is being conducted which will assess the current and likely future skills needs and issues in the digital technologies workforce. Ultimately, the research will deliver a strong and robust evidence base with which to inform skills investment planning for the digital technology sector and other sectors with a growing need for digital skills.
The objectives of the study are as follows:
- Detail the size and scale of the sector, and its economic importance to Scotland
- Detail the size and scale of the sector in Glasgow and Edinburgh
- Detail the size and scale of the Fintech sector
- Present the current composition and forecast changes in the sector’s business base
- Establish the current and likely future skills needs of employers
- Map the education supply pipeline for the sector
Got a Bold Business Idea? Converge 2019 is Now Open for Applications!
The quest to find the next generation of entrepreneurs from Scotland’s thriving academic entrepreneur community is fully underway. Converge, the pioneering entrepreneurship programme for staff, students and recent graduates from across Scotland’s universities and research institutes has just launched its 2019 programme, challenging every Scottish university to uncover the next big idea.
Now in its 9thyear, Converge now has the financial backing of all 18 Scottish universities ”“ up 11 from last year. They join the Scottish Funding Council which has earmarked over £1m funding to cover the next three years, and Creative Scotland.
This year’s total prize fund is the biggest yet at £230,000 and is shared across the four main platforms ”“ Converge, Impact, KickStart and, new for 2019, the Creative Challenge. Successful applicants also benefit from in-depth business training, pitch coaching, support and access to an extensive network of business and investor contacts.
Open to spin-outs and start-ups from any industry sector, Converge alumni are represented across a wide range of sectors including the life sciences, technology, engineering, renewables, the creative industries and medtech. Some of their ground-breaking innovations include next generation ultrasound sensors, educational robots, wearable medical devices, trailblazing cancer treatments and robotic probes.
Applicants now have until Thursday 25 April to submit their proposals. Full details including how to apply are available on the Converge website. Additionally, the Converge Outreach Team is currently travelling the length and breadth of Scotland to offer help and advice to students and staff thinking of applying to this year’s Programme. Events are scheduled throughout April with new sessions added daily, so please take a look at our schedule for more details.
Do you have what it takes? Celebrating entrepreneurial success in the UK
Article written by Calum Brewster, Managing Director, Head of UK Regional Offices at Julius Baer
Spectator Economic Disruptor of the Year Awards
The winner of the Spectator Economic Disruptor of the Year Awards 2018 is on a mission to bring financial services to the unbanked’. Pockit – a low cost, easy-access banking app ”“ was the overall winner, establishing itself as a true disruptor in the banking sector.
The judges commented that its clear social purpose ”“ which tackles a very serious problem ”“ is what stood out. Pockit has 500,000 customers so far and that number is growing by 20,000 each month. It’s targets are very ambitious but it’s attracted significant investment from a number of high-profile venture capital investors to achieve these goals.
Fintech has long been celebrated as a truly disruptive sector and a large number of successful companies are making huge strides in rapidly changing the status quo ”“ many of which are based in Scotland. This does not go unnoticed at Julius Baer. While they don’t expect robots to replace humans in the hugely important job of client interaction, they do keep a very focused eye on technology that can help them to better service their clients’ very complex needs.
Partnering with the Spectator to create these awards helps Julius Baer to stay at the forefront of technology enhancements ”“ giving us the opportunity to speak with the companies and individuals who are changing the world of financial services.
Founded in Zurich in 1890, and now a fast expanding player in the UK wealth management scene, Julius Baer has an instinctive sympathy with business-builders that bring new thinking and positive change to established markets.
So, who are the companies that are rewriting the rules in 2019?
Entrants for these awards will be innovators with real passion for their products and customers and the potential to scale up from local to national and international arenas, underpinned by strong financial plans. There will be five regional winners (one from Scotland), chosen from a high-profile judge in each region. The national winner will be named at a gala dinner in central London and will be invited to join The Spectator’s elite private dining club of business leaders as well as benefiting from the extensive media coverage that these awards generate.
Do you have what it takes?
As true disruptors in this sector we are encouraging founder members of Fintech Scotland to enter the prestigious Spectator Economic Disruptor of the Year Awards 2019. Details can be found at www.spectator/co.uk/disruptor
The Global Open Finance Centre of Excellence project hits a new milestone
The Scottish bid for the development of The Global Open Finance Centre of Excellence (GOFCOE) has received very good feedback from the Strength in Places Fund assessors and moves to the second stage as announced todayby the UK Research and Innovation organisation
In October 2018 a Scottish consortium decided to come together behind the ambitious project of launching the Global Open Finance Centre of Excellence in Edinburgh and apply for funding from the Strength in Places fund.
The University of Edinburgh, FinTech Scotland, Scottish Enterprise and the Financial Data And Technology Association (FDATA) joined forces to produce a very strong application.
Open Banking, and its impending evolutions into open finance more generally, is the biggest global trend in financial services, for people and for businesses.
A centre of excellence would be a world first, providing leadership, coordination, research and capability to support this rapidly expanding and evolving phenomenon.
The GOFCOE is one of twenty-four ambitious projects, from pharmaceuticals to aerospace, and transport to the creative economy, that have received early-stage funding to develop full-stage bids that could lead to significant economic growth in places.
The GOFCOE project will receive early-stage funding, which will allow for the development of full-stage bids.
Ultimately, eight of the strongest bids are set to receive additional funding to carry out projects designed to drive substantial economic growth.
Announced in the modern Industrial Strategy in November 2017, the Strength in Places Fund will benefit all nations and regions of the UK by enabling them to tap into the world-class research and innovation capability that is spread right across the country. The fund brings together research organisations, businesses, and local leadership on projects that will lead to significant economic impact, high-value job creation and regional growth.
Chief Executive of UK Research and Innovation, Professor Sir Mark Walport, said:
Our clear vision is to ensure we benefit everyone through knowledge, talent and ideas. Significant support through the Strength in Places Fund will further catalyse economic potential across the country by bringing researchers, industry and regional leadership together to drive sustained growth through world-class research and innovation.’
The Government confirmed in the 2018 Budget that the Strength in Places Fund is to receive a further £120m to bring the fund budget for the period up to 2021/22 to £236m.
Stephen Ingledew, Chief Executive at FinTech Scotland said:
“The Global Open Finance Centre of Excellence builds on Scotland’s heritage of financial services and enviable entrepreneurial track record combined with an enlightened and progressive culture which aligns the social and economic benefits of innovation. Going forward the Centre of Excellence focused on data driven innovation will support the inclusive growth objectives of Scotland, leveraging the ongoing role of international collaboration across Europe and globally with the private sector, consumer groups, academia, regulators, governments”
Jarmo Eskelinen, Director of the Data-Driven Innovation initiative at the University of Edinburgh said:
“The University of Edinburgh is delighted to support the Global Open Finance Centre of Excellence [GOFCOE] and to be developing this exciting project in partnership with FinTech Scotland, FData Global, Industry and Academia across the central belt of Scotland. The success of the Strength In Places Fund [SIPF] bid is confirmation of the importance of innovation for industrial strategy in the UK and we look forward to engaging with the consortium to develop the GOFCOE in the coming months. As a partner in the Edinburgh and South East Scotland City Region Deal, this project exemplifies all we are aiming to achieve through our Data-Driven Innovation initiative; attracting talent and investment to the region; linking world-class researchers and data analytics expertise with industry and innovating to drive new products and services.”
Danny Cusick, Director Multi Sectors at Scottish Enterprise said:
“We’re excited to be developing this project with our partners as it has the potential to bring substantial economic benefits through increased innovation and inclusive growth to firmly establish Scotland’s reputation as a world leader in Open Finance. Scotland already has exceptional capabilities in fintech and data and the Centre of Excellence demonstrates what we can achieve through collaboration to create competitive advantage for Scotland.”
The UK FinTech Census 2019 has launched
Building on the success of the 2017 initiative, this second edition will create a unique and accurate fact-base for the UK FinTech sector, and attract the attention of international investors and domestic policymakers, particularly officials at HM Treasury, who are keen to use this data to inform their support for the FinTech Sector.
The census will provide Scottish FinTechs with:
- A clear picture of the sector to Government: the 2017 census was used to inform policy across the areas of tax, employment, regulation and investment
- Greater visibility of the sector to investors and talent: the census will help promote the opportunities in Scottish FinTech to international investors and those looking to work in the sector
- Sector benchmarks: the census will enable you to benchmark your business against the broader FinTech sector
To help us gain an inclusive view of the industry today, and ensure that the FinTechs based in Scotland are represented, please complete the survey by Friday, 22 March 2019.
Please click here for the survey
The previous 2017 census can be found here: https://www.ey.com/Publication/vwLUAssets/EY-UK-FinTech-Census-2017/$FILE/EY-UK-FinTech-Census-2017.pdf
FinTech Scotland and FinTech North to collaborate in 2019
FinTech Scotland announced today the strengthening of its relationship with FinTech North, one of the leading fintech organisation in England.
Together they will collaborate around many initiatives this year including Stephen Ingledew, FinTech Scotland’s chief executive delivering presentations at FinTech North’s conferences in Manchester and Leeds in the Spring
and then a joint collaboration conference by the two organisations in in Scotland in the Autumn
Julian Wells, Director of FinTech North, says:
“Its a pleasure to welcome Stephen and FinTech Scotland to our first two major conferences of 2019. We have enjoyed a mutually supportive relationship since the creation of FinTech Scotland in 2018 and the progress made by Stephen and the team in that time is highly impressive. We look forward to developing even stronger links with FinTech Scotland over the coming months and are excited to run our first event north of the border later this year.”
Stephen Ingledew, Chief executive of FinTech Scotland, says:
“FinTech Scotland is delighted to be working with the FinTech North team, with whom we share a common passion for the development of strong and vibrant FinTech communities and economy across the country. In Scotland over the last year we have made significant progress in bringing together the innovative Scottish fintech community across multiple cities, organisations and universities and I look forward to sharing our journey with the FinTech North community.”
FinTech Scotland and FinTech North were already closely aligned as both organisations are chaired by HM Treasury FinTech Envoys. Chris Sier is FinTech Envoy for the Northern Powerhouse and chairs FinTech North, while David Ferguson is Scotland’s FinTech Envoy and chair of FinTech Scotland.
AutoRek and Glasgow Chamber of Commerce come together for free International Business Development working lunch
AutoRek, a global financial controls, regulatory reporting and data management platform, have announced that they’ll be hosting an International Business Development working lunch in collaboration with Glasgow Chamber of Commerce next month.
The aim of the event is to bring together a number of business leaders from Glasgow’s SME community to discuss the International Business challenges they face and will provide them with an opportunity to work together to overcome such challenges. As a business with roots in Glasgow, AutoRek is keen to offer advice to these businesses, as well as give them the chance to collaborate with like-minded professionals and tackle issues head-on.
Headquartered in Glasgow, with offices in London, Edinburgh and New York, AutoRek’s solutions are deployed globally. They deliver a range of financial, operational and regulatory reporting control solutions. They have supported implementations in many leading organisations with projects including high volume data migrations, elimination of spreadsheets and manual processing, regulatory reporting, mitigation of operational and regulatory risk, and reduction in fast close processes. This makes AutoRek well placed in their collaboration with Glasgow Chamber of Commerce to assist these businesses in combating the challenges they face, Lyn Canavan (Head of Marketing) said:
“We have teamed up Glasgow Chamber of Commerce to host our first in a series of International Business Development working lunches. We believe that it presents a great opportunity for local business leaders to collaborate together sharing ideas and common challenges. We already have a good relationship with Glasgow Chamber of Commerce and we are looking to build upon this partnership and expand globally.”
The event will be held between 11:30 and 14:00 on the 5th of March in AutoRek’s offices at the Garment Factory on Montrose Street. A huge plus for these businesses is that the event will be totally free to attend, offering an excellent opportunity to network with other Glasgow-based business professionals and SMEs looking to work on these common issues and expand internationally. With Brexit on the horizon, the impact of it on SMEs has been and is a growing concern. Recently, Barclays has announced that it will be hosting Brexit clinics’ in Scotland from March to support SMEs through Brexit, and, last week, Scotland’s finance secretary Derek Mackay told MSPs that the Scottish economy faces being pushed into a recession “worse than the 2008 financial crash” under a no-deal Brexit. With the loss of multi-million pounds worth of global trade contracts in such an event, it’s no surprise that Scottish SMEs are keen to prepare ahead of it.
AutoRek’s offices are located in the heart of Glasgow’s City Centre, just off of George Square and will be easily accessible for all attendees; just a 10-minute walk from Glasgow Central Station.
Are you interested in attending the International Business Development working lunch? You can sign up for the event on AutoRek’s website:
https://www.autorek.com/events/international-business-development-working-lunch/
Orca launches Innovative ISA to help investors access multiple P2P platforms
Orca, the Scottish fintech, announced today the launch of its Innovative Finance ISA (IFISA). It will enable investors to invest across multiple peer-to-peer lenders (P2P) by taking down
Until now, investors were only allowed to one P2P platform in an IFISA each tax year. Should they want to invest in an ISA from different platforms, they had to go through a painful process of creating separate accounts with each P2P platform.
One interesting stat given by Orca is that in order to achieve the same level of diversification enabled through Orca’s IFSA, it would have taken five years as opposed to minutes now. They can now invest in 5 leading P2P platforms at once.
Iain Niblock says: “The Orca ISA is an innovation that can make investing in P2P far more accessible to the wider investing public. It gives them a diversified, highly attractive alternative to Cash and Stocks and Shares ISAs.
“Investor funds are automatically spread across many of the UK’s leading P2P platforms. This reduces exposure to any one platform and distributes investment across a much broader range of asset classes and risks.
UK Ranks #2 for Startups in Europe. How Does Scotland Compare?
Photo by rawpixel.com from Pexels
Article written by Erin Yurday at NimbleFins
A recent study by NimbleFins showed that the United Kingdom ranked #2 in a study of the best countries in Europe for startups. Germany finished first, in part due to stronger economic health and a better business climate than in the UK. Scotland certainly had a hand in the UK’s second place finish, for instance pulling up the UK’s GDP growth estimates.
In order to compare the 50 European countries in the study, NimbleFins analysed data from the World Bank, the World Economic Forum, the OECD and UNESCO to arrive at their rankings, using metrics related to economic health, the cost of doing business, business climate and labour quality.
Strengths and Weaknesses in the UK
The UK’s #2 overall ranking is driven primarily by a strong showing in the Cost of Doing Business category, where they ranked third behind the Czech Republic and Estonia. Lower-than-average costs of living and salary expectations mean that a new company in the UK should benefit from lower expenses than in many other European countries.
A plan for decreasing corporate taxes will only serve to make the UK even more attractive to new startups, from a financial perspective.
The UK was held back by weaker economic health and, perhaps surprisingly, less trust in the justice system than in most other top 12 countries. While educational attainment levels were lower in the UK than many other European countries, the UK ranked 4thout of the top 12 for offering specialized training services””enabling startups to help develop their employees’ skills and individuals to advance their skills in order to apply for new jobs and improve their marketability.
How Scotland Compares: Survival Rates
While most of the data used in the study was not available for Scotland specifically, the Office of National Statistics (ONS) produces other data that lets us see how startups in Scotland fare compared to the rest of the UK.
Using the ONS’s Business Demography study data, we can see that startups in Scotland have slightly higher survival rates after 5 years than the UK average (43.7% vs. 43.2%) and noticeably higher survival rates than those based in London, the startup capital of Europe (43.7% vs. 39.3%).
How Scotland Compares: Startup Births
Around 5% of the UK’s startups are located in Scotland. In 2016, the most recent ONS data available, entrepreneurs began 22,270 new companies in Scotland.
Over the five years between 2012 and 2016 the annual birth rate of Scottish startups rose from 17,385 to 22,270, an increase of 4,885 startups per year representing 28% growth over the five years””proving that the Scottish startup scene is active and growing.
On top of this solid growth, the active community of entrepreneurs, support networks and development programmes in Scotland (e.g., The Data Lab’s MSc. Placement Programme) surely contributed to Scotland helping the UK achieve the #2 spot for Best Countries in Europe for Startups.
Engage Invest Exploit
Scotland has long been recognised as a nation with an established financial cluster and a reputation for innovation – we even invented the Bank of England! By bringing together entrepreneurs, the established financial sector, public sector, government, accelerators and universities, Fintech Scotland has facilitated collaborative innovation across the fintech ecosystem and the momentum behind it has been palpable.
The talent pools in Scotland in financial services and technology have ensured that in the past year alone the number of fintech companies in Scotland has grown threefold. In addition to the growing international fintech companies taking advantage of the reduced capital cost of salaries and office accommodation in Scotland, innovative new homebuilt businesses are creating disruptive and exciting fintech ideas; ensuring that Scotland is building firm foundations to support its aspiration to become one of the top five fintech hubs in the world.
It’s little wonder, then, that within the data driven sectors to be represented on 24thApril in Edinburgh at Engage Invest Exploit(EIE), fintech make up almost a third of the 50+ companies taking part. Now in its 11th year, Engage Invest Exploit draws a global audience of investors and connects them with some of the most ambitious and innovative data-driven companies.
EIE, powered by Informatics Ventures,was at the genesis of the tech ecosystem in Scotland and currently occupies pole position as an International thought leader at the cutting edge of data centric innovation. From its humble beginnings within Appleton Towers at University of Edinburgh, Engage Invest Exploit (EIE) has grown exponentially to become Scotland’s premier tech investor showcase.
Informatics Ventures, located at the heart of the University of Edinburgh, part of the School of Informatics and nestled within the new Bayes Centre (the first of the City Deal Data Driven Innovation hubs designed to foster collaboration and drive the ambition to establish Scotland as the Data Capital of Europe) provides an eclectic mix of practitioner-led entrepreneurship, education, networking and an intense investor ready programme to ensure the participating companies are pitch-fit for the event.
EIE fintech alumni include companies such as Float”“ an intuitive visual cash flow forecasting business ”“ which has drawn on the wealth of tech talent located in Edinburgh. The investor readiness programme developed by Informatics Ventures allowed us to refine and hone the Float pitch for investors and potential customers’ CEO Colin Hewitt commented. From the founding team who pitched way back in the early days of EIE, Float continues to grow beyond its current team of 20and expand its customer base to create a revenue generating, sustainable business with ambitions beyond the 40 countries it already operates in.
Companies taking part in previous EIE events have gone on to attract over £650Million from seed through series A and follow on funding. Last year’s cohort has already secured investment in excess of £4.8Million.
On 24thApril, at McEwan Hall in Edinburgh, more than fifty new and returning businesses will take to the stage to pitch to the investor audience, hoping to stand out from the crowd. Amongst them are the 14 fintech and cybersecurity’ ventures, includingAllatus Unity(creating a powerful regulatory reporting and data governance tech solution),Amiqus (fast secure anti-money laundering identity and compliance checks) and Squarebook(addressing the capital raising needs of high growth companies and introducing a new approach to the IPO process).
EIE attracts around 1000 attendees ”“ international investors, young companies and a high-calibre business audience. It’s the must attend tech investor event in Scotland. The advanced saver discount is available until 31stMarchfor ticket and table sales. Keynote speakers at this year’s event will include Nagraj Kashyap, Corporate Vice President of M12, previously Microsoft Ventures.
Jane Kennedy is Product and Community Manager of TalentSpark, powered by Eden Scott. TalentSpark is a gold sponsor of EIE and Jane is seconded to the Informatics Ventures team to help deliver EIE.